Lender's Surveys looking likely to be postponed until further notice.

Mr_P_

In the early stages of a sale (to a FTB) and a purchase (no chain), have my MA appointment with Santander tomorrow to finalise my application... 
I just had a call from Santander informing me that lenders surveys/valuations (done by Legal and General) have been cancelled due to the announcement yesterday.
A few questions:
- Looking at this forum Natwest has done the same, is it possible they'll all follow suit or should I switch lenders?
- Do I have much to worry about being in such a small chain? I suppose my buyer and myself will just have to wait until they're allowed to perform the valuation.
- Can my solicitors continue on with everything else without the mortgage application being completed yet? I'd like to think this won't block EVERYTHING else.

MrLiamScott

Following this! My HTB application going through well (Checked with them on live chat, should be approved tomorrow) and a valuation has been requested through NatWest using Legal & General, however this is the only thing slowing me down as I feel it will be a wait for the valuation... I am due to exchange contracts a week tomorrow and hoping the developers will give me an extension for this/also due to the really strange times we are in...!

Mr_P_

MrLiamScott said:

Following this! My HTB application going through well (Checked with them on live chat, should be approved tomorrow) and a valuation has been requested through NatWest using Legal & General, however this is the only thing slowing me down as I feel it will be a wait for the valuation... I am due to exchange contracts a week tomorrow and hoping the developers will give me an extension for this/also due to the really strange times we are in...!

I read elsewhere on here Natwest cancelled all of their surveys today, the guy from Santander implied that it wasn't just them.
There must be ways of doing it with social distancing in-mind. I would imagine your developers don't mind waiting a month or two due to Covid-19, if they turn you away they'll simply have to wait longer.

That's the way I feel with mine atm, our buyer is in the same boat and the vendor of the property we're buying is a developer who inherited the property through part-ex, I doubt they'll push us too hard (the only way for them to get a sale quicker is to find someone who has £260k in cash).

Thrugelmir

Mr_P_ said:

MrLiamScott said:

Following this! My HTB application going through well (Checked with them on live chat, should be approved tomorrow) and a valuation has been requested through NatWest using Legal & General, however this is the only thing slowing me down as I feel it will be a wait for the valuation... I am due to exchange contracts a week tomorrow and hoping the developers will give me an extension for this/also due to the really strange times we are in...!

I read elsewhere on here Natwest cancelled all of their surveys today, the guy from Santander implied that it wasn't just them.
There must be ways of doing it with social distancing in-mind. I would imagine your developers don't mind waiting a month or two due to Covid-19, if they turn you away they'll simply have to wait longer.

That's the way I feel with mine atm, our buyer is in the same boat and the vendor of the property we're buying is a developer who inherited the property through part-ex, I doubt they'll push us too hard (the only way for them to get a sale quicker is to find someone who has £260k in cash).

Construction sites are likely to be shut. Taylor Wimpey announced that it is in the process of doing so today. 

ACG

I have been a mortgage broker since 2011 and this has been the worst day in those 9 years.
I honestly cant believe how inept lenders have been on this front. I raised this issue 2 weeks ago with 3 lenders all 3 said Business as usual until told otherwise. None of the 5-6 lenders I have spoken to today have any clue about what is happening. One has come back to me and said no valuations for at least 3 weeks and if the lockdown lasts longer then they are not sure what will happen. 

6pm came and I was on my second brandy. Today has been a horrible day and we still have no answers. I feel sorry for everyone involved.

Thrugelmir

ACG said:

6pm came and I was on my second brandy. Today has been a horrible day and we still have no answers. I feel sorry for everyone involved.

Suggestions are that France is considering a 6 week lock down period. Suggest you get a few bottles in while they are still in stock. This likely to be a long  haul. 
Given the severity of the situation. This is board level discussion that encompasses the entire banks operation not just mortgages. 

ACG

Thrugelmir said:

ACG said:

6pm came and I was on my second brandy. Today has been a horrible day and we still have no answers. I feel sorry for everyone involved.

Suggestions are that France is considering a 6 week lock down period. Suggest you get a few bottles in while they are still in stock. This likely to be a long  haul. 

In those 11 years, 2-3 thought I did a decent job and bought me bottles of Brandy so I reckon I have enough for 6 weeks but better safe than sorry so I might get another bottle. 

Socajam

Thrugelmir said:

ACG said:

6pm came and I was on my second brandy. Today has been a horrible day and we still have no answers. I feel sorry for everyone involved.

Suggestions are that France is considering a 6 week lock down period. Suggest you get a few bottles in while they are still in stock. This likely to be a long  haul. 

Not according to Trump.  This will be over by Easter.
 I did not realized that he had a fast line to God.

Mr_P_

Am I right in thinking that this is (hopefully) just a pause, if nobody can move on either side of the chain then we'll all just have to wait? 

I want to buy, my buyer wants to buy and the vender wants to sell... I guess we all just have to sit tight. 

Thrugelmir

Mr_P_ said:

Am I right in thinking that this is (hopefully) just a pause, if nobody can move on either side of the chain then we'll all just have to wait? 

I want to buy, my buyer wants to buy and the vender wants to sell... I guess we all just have to sit tight. 

May well be the case. Seems if a sharp deterioration is expected over the next 2/3 days. Given the number of known cases and mortality rate being experienced. A little way off flattening the curve. 

ACG

Only a small portion of our customers are caught up in this, but even one is still stressful. I have spoken to all of them and they are all happy to wait. Assuming the vendors are also, then it seems it is just a case of everything on hold. 

I suppose if anything it helps that all lenders have taken the same approach. When some lenders start finding ways to move forward, that will be where it starts to help some people but at the same time it will mean some people moving forward and others not and that will be causing potential frictions. 

There is not a lot we can do at the minute but just see how the next few days/week pans out. 

Mr_P_ said:

Am I right in thinking that this is (hopefully) just a pause, if nobody can move on either side of the chain then we'll all just have to wait? 

I want to buy, my buyer wants to buy and the vender wants to sell... I guess we all just have to sit tight.